LETTER: Unbalanced budget a genuine worry

Saturday

Mar 30, 2013 at 8:00 AMMar 30, 2013 at 10:02 PM

All presidents prior to the Reagan administration, experiencing World War I, World War II, the Korean War, the Vietnam War and many major disasters, accumulated less than $1 trillion in the national debt. Only eight years later, under the Reagan administration, it rose to $2.9 trillion; four years later, under the Bush Sr. administration, it rose to $4.3 trillion; eight years later, under the Clinton administration, it rose to $5.6 trillion. With his last two years, the budgets were balanced. Eight years later, under the Bush Jr. administration, the national debt rose to $10.6 trillion. Now under the Obama administration, after only four years it has risen to $16.5 trillion.

Annual Social Security surpluses are placed in a lockbox with government bonds. They currently amount to approximately $2.5 trillion.

Famous men in history, including Cicero in ancient times, and Thomas Jefferson, one of our Founding Fathers, warned of the perils of unbalanced budgets. Many governments collapsed primarily because of unbalanced budgets. Our government currently is in an extremely vulnerable position, and our politicians, both Republican and Democratic, must weigh carefully any legislation they wish to pass. It should be in the best interest of America.

ALPHONSE G. YORK

Worcester

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